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Paystack acquisition, boost for Nigerian tech ecosystem ― Expert

The acquisition of Paystack, a Nigerian FinTech company, by Stripe is a huge boost for the Nigerian technology ecosystem, says Jide Awe, the Chief Executive Officer of Jidaw Systems Limited.

Awe spoke with the News Agency of Nigeria (NAN) in Abuja on Saturday while reacting to the development.

NAN reports that Paystack, a technology company solving payment problems for businesses, was recently acquired by Stripe, a U.S. FinTech company for over $200 million.

The deal will enable Paystack to explore diversification to other African countries.

According to Awe, a massive investment of this nature is a plus for Nigeria’s tech community, an incredible boost and source of pride even in this time of great volatility.

“It certainly rewards and encourages those who took a chance and invested in Paystack.

“Stripe’s investment is a welcome sign of investor confidence in Nigerian tech industry, it is a recognition of potential.

“It is a rebranding beyond words with the world beginning to recognise Nigeria as a tech nation not one identified with negative activities,’’ Awe said.

He further said that the partnership would encourage other global investors to pay attention to the technology sector in Nigeria and Africa.

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